Bittime - The crypto world is excited again with the activation of Dencun, the long-awaited upgrade of Ethereum. Dencun is believed to open the gates to a new era of scalability for the ETH network, which can ultimately lower transaction costs and overcome network congestion. As a result, will the price of ETH soar?
However, amidst the euphoria of Dencun's launch, ETH price movements are still shrouded in doubt and uncertainty. Will Dencun be a turning point for ETH? Let's look at the following review.
Dencun: New Hope for the Future of ETH Price
The Dencun upgrade brings a number of significant changes to the Ethereum network. One of the most notable changes is the implementation of ephemeral “data blobs” with EIP-4844, otherwise known as “proto-danksharding.” This technology is designed to drastically cut Layer-2 (L2) transaction costs, paving the way for improving Ethereum's overall scalability.
With lower transaction fees, developers can build more innovative and engaging decentralized applications (dApps) on the Ethereum network. This in turn could increase adoption and demand for ETH, potentially driving the price up.
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Dencun's Impact on ETH Price
Although Dencun is being heralded as a significant step forward for Ethereum, its impact on ETH prices in the short term remains unclear. On the one hand, analysts are optimistic that Dencun will be a positive catalyst that drives ETH prices higher.
The reason for this optimism is based on several factors, such as:
- Dencun's promised scalability improvements could attract more users and developers to the Ethereum network, increasing demand for ETH.
- The implementation of EIP-4844 could encourage the use of stablecoins on the Ethereum network, increasing the liquidity and price stability of ETH.
- The overall positive sentiment of the crypto market could drive the general price increase of ETH.
However, on the other hand, there are also several factors that can hinder the increase in ETH prices, such as:
- Large sales of ETH by “whales” (large investors) before and after the launch of Dencun could depress the price of ETH.
- Global economic uncertainty can affect investor sentiment towards crypto assets as a whole.
- The emergence of Ethereum competitors such as Solana and Avalanche could attract investors and developers away from the Ethereum network.
ETH (Ethereum) Price Today
Source: Bittime.com
On March 14, 2024, the price of ETH (Ethereum) was at $3,953 per coin, down 2.11% in 24 hours and up 10% in the past week.
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Whale Activity and ETH Price Movement
It should be noted that leading up to and after the launch of Dencun, there were several large ETH transfer activities that attracted market attention. One example is the transfer of 15,000 ETH by a “whale” to crypto exchanges Binance and Bitfinex.
Although the motive behind this transfer is not yet known, speculation suggests that the whale may intend to sell his ETH. This could be a factor that puts downward pressure on ETH prices in the short term.
Conclusion
Dencun marks a hopeful new chapter for Ethereum. Proto-danksharding technology has the potential to usher in a new era of scalability and wider adoption. However, Dencun's impact on ETH prices in the short term is still shrouded in doubt and uncertainty.
Market players need to continue to monitor ETH price developments, market sentiment, and whale activity to make the right investment decisions. Dencun may be a turning point for Ethereum, but it will take time and patience to see its actual impact on the price of ETH.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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